FINANCIAL AID ELIGIBILITY RULES
In 2007, $83 billion in federal financial aid was awarded to students.1 Despite this—and all the state and private money lent and awarded—people are still legitimately concerned about whether they’ll qualify for financial aid. The fact is, in most cases students qualify for some aid, though few get a full ride.
In order to be eligible for federal student aid, a student must meet the following criteria:
- Demonstrate financial need (except if you’re applying for unsubsidized Stafford Loans and Parent PLUS Loans).
- Have a high school diploma, a General Education Development (GED) certificate or pass an exam that has been approved by the U.S. Department of Education.
- Be a U.S. citizen or an eligible noncitizen.
- Have a valid Social Security number (unless you’re from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau).
- Be accepted or enrolled as a student working towards a degree or certificate at an eligible institution that participates in federal student aid programs.
- Be registered with the Selective Service (for male students who are between 18 to 25 years old).
- Not be in default on a federal student loan or owe a refund on a federal student grant (if you withdraw from school early).
- Certify by signing a statement that you will only use federal student aid for educational purposes.
- Not have a drug conviction that occurred while you were receiving federal student aid (such as grants, loans, or work-study).
Students who meet the eligibility requirements should fill out the Free Application for Federal Student Aid (FAFSA). Even if you think your family might not be eligible for financial aid due to high income or other circumstances, it still makes sense to fill out the FAFSA form. That’s because to be eligible for non-federal aid, which is available through the states and/or private institutions, you have to fill out and return the FAFSA.
1 Source:Funding Education Beyond High School: The Guide to Federal Student Aid by the U.S. Department of Education